StoxPlus | Thu, Apr 17, 2014 03:12:00 PM
Sugar stocks were estimated at 710,000 tons as of beginning April- the highest level so far, vnexpress.net reported, citing data from the Vietnam Sugar and Sugar Cane Association.
Of the sum, 683,000 tons are stocks at the sugar refineries and the balance are at the sugar trading firms. Sugar refineries and trading firms are now facing pressure of heavy losses, it reported.
The main reason for the high sugar inventory is slow consumption while both sugar cane area and output rise, the association provided, adding that the prices of sugar cane range around VND850-930/kg and prices of sugar are from VND12,000 to VND12,500 per kg as of beginning of this year’s April, versus VND14,000/kg at the end of 2013.
In order to overcome current difficulties, many sugar businesses and refineries have coordinated with local authorities to concentrate sugar cane fields, apply mechanization, intensive technology to help farmers to increase productivity, enhance economic efficiency. At the same time, they also propose the Government to export a part of the current sugar inventory.